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Highlights on Reinsurance History

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Edited By André Straus and Leonardo Caruana de las Cagigas

    Despite being one of the main pillars of the insurance industry, reinsurance is little known by the general public and is rarely the focus of academic study. In this book, the authors – economic historians and experts in the field from across Europe and Japan – seek to address this by shedding light on one of the most globalized of all economic activities. In a clear and engaging manner, they reveal the history of reinsurance in both national and international contexts, aiming to illuminate this vital, but often overlooked, aspect of insurance.

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    Introduction

    Extract



    Diversity in the Setting up of Reinsurance

    Reinsurance specifically differs from insurance in that the insurance market is related to the clients (mainly people, companies, etc.) and reinsurance is related to insurance companies or reinsurance companies with an essential need of financial capability. In addition, reinsurance helps to develop the insurance market in underdeveloped countries and its headquarters are normally located at the geographical hub of the financial market in those countries.

    From the Origins of Reinsurance to the Founding of Munich Re in 1880

    Reinsurance has its own path of development; reinsurance companies evolved particular methods and expertise, although the origins of these are still debated by scholars.

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